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The problem with stops is that many are placed at the same /similar levels and the brokers and insto''s know where they are and accordingly go for them only to see the market then retrace to your original level.
You are never or maybe 1 in 100 trades going to buy or sell the absolute ding dong high or low so you need to be more "generous" on your stop level. So, placing a stop say 5 ticks away is a big no no especially over a data release.
The average daily range in OZ/US$ is 48 pips ( source IG Index ) so I would bear that in mind when day trading.
Stops are critical as the most successful traders work on running profits and cutting losses to the tune of about 30% winners and 70% losers.
You didn't say how close you place your stop loss? Or on what time zone?
Generally I look at the 4 hourly chart to place stops and then place a stop say 5 ticks away from a key level but to do that on the minute or say 5 minute chart can be fatal.
BTW I didn't trade Friday night although I was going for a 75.00 to 75.30 range as posted earlier.
This week is dominated by the Central bank meetings and is probably the last week to make decent money....shite , I hate everything about Christmas ( Grinch)
